SAN DIEGO COUNTY, Calif. — As CBS 8 remains "Amped Up" over high SDG&E bills, their parent company Sempra released their full-year 2021 earnings on Friday of $1.25 billion and most of that was made in the fourth quarter--$604 million at a time when so many are struggling to pay their bills.
Here's a breakdown of the numbers:
Sempra's 2021 earnings were $1.25 billion, or $4.01 per diluted share, compared to full-year 2020 earnings of $3.76 billion, or $12.88 per diluted share. On an adjusted basis, the company’s full-year 2021 earnings were $2.64 billion, or $8.43 per diluted share, compared to $2.34 billion, or $8.00 per diluted share, in 2020.
Much of that money was made from capital project investments.
A portion of those costs get passed down to ratepayers.
CBS 8 sat down with Scott Crider, SDG&E Sr. VP of Customer Services and External Affairs to ask questions about what the company is doing to try and help with the rising costs.
According to Crider, there are a couple of key drivers that led to rate hikes, like the price of natural gas has risen globally--about 25% higher than January of last year. He said that coupled with the coldest December that San Diego had experienced in five to 10 years; customers are using more natural gas to heat their homes, leading to higher than normal bills this year.
Another point Crider stresses is the price of clean energy is expensive. He said the company is balancing affordability with the need to radically transform their electric grid.
The report released Friday shared that Sempra is heavily focused on clean energy and climate resiliency, hoping to have net-zero emissions by 2050.
While Crider acknowledges SDG&E rates have always been high, he said in exchange, customers know that they're going to get a safe system, reliable, and clean system.
Sempra issued the attached press release Friday morning announcing its 2021 financial and business results:
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